Attached files
| file | filename |
|---|---|
| 8-K - SUPERIOR BANCORP | v167052_8k.htm |
| EX-3 - SUPERIOR BANCORP | v167052_ex3.htm |
EXHIBIT
99
SUPERIOR
BANCORP STOCKHOLDERS APPROVE INCREASE IN AUTHORIZED SHARES
BIRMINGHAM, AL – November 19,
2009 – Superior Bancorp
(NASDAQ: SUPR) announced
today that its shareholders have approved the amendment to its Restated
Certificate of Incorporation to increase the number of authorized shares of
common stock of Superior Bancorp from 20 million to 200 million. The Board of
Directors had recommended that the stockholders approve the proposed amendment
because the Board believes it to be in the best long-term and short-term
interests of Superior Bancorp, its stockholders and its other
constituencies.
Stan
Bailey, Superior Bancorp’s Chairman and Chief Executive Officer, commented, “The
approved increase in the number of authorized shares of common stock will ensure
that a sufficient number of shares are available, if needed, for issuance in
connection with possible future opportunities. We believe that the
availability of the additional shares for such purposes without delay will be
beneficial to Superior Bancorp by providing us with the flexibility to consider
and respond to future business opportunities and needs as they
arise. We continue to explore strategic alternatives to strengthen
the company’s capital position, and the availability of the additional shares
will enable us to act promptly when we determine that the issuance of additional
common stock makes sense.”
About
Superior Bancorp
Superior
Bancorp is a $3.2 billion thrift holding company headquartered in Birmingham,
Alabama. The principal subsidiary of Superior Bancorp is Superior Bank, a
Southeastern community bank that currently has 72 branches, with 44 locations
throughout the state of Alabama and 28 locations in Florida. Superior
Bank also operates 23 consumer finance offices in North Alabama as 1st Community
Credit and Superior Financial Services.
The
Private Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements made by us or on our behalf. Some of the
disclosures in this release, including any statements preceded by, followed by
or which include the words “may,” “could,” “should,” “will,” “would,” “hope,”
“might,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,”
“assume” or similar expressions constitute forward-looking statements. These
forward-looking statements, implicitly and explicitly, include the assumptions
underlying the statements and other information with respect to our beliefs,
plans, objectives, goals, expectations, anticipations, estimates, intentions,
financial condition, results of operations, future performance and business,
including our expectations and estimates with respect to our revenues, expenses,
earnings, return on equity, return on assets, efficiency ratio, asset quality,
the adequacy of our allowance for loan losses and other financial data and
capital and performance ratios. Although we believe that the expectations
reflected in our forward-looking statements are reasonable, these statements
involve risks and uncertainties which are subject to change based on various
important factors (some of which are beyond our control). Such forward-looking
statements should, therefore, be considered in light of various important
factors set forth from time to time in our reports and registration statements
filed with the SEC. The following factors, among others, could cause our
financial performance to differ materially from our goals, plans, objectives,
intentions, expectations and other forward-looking statements: (1) the
strength of the United States economy in general and the strength of the
regional and local economies in which we conduct operations; (2) the
effects of, and changes in, trade, monetary and fiscal policies and laws,
including interest rate policies of the Board of Governors of the Federal
Reserve System; (3) inflation, interest rate, market and monetary
fluctuations; (4) our ability to successfully integrate the assets,
liabilities, customers, systems and management we acquire or merge into our
operations; (5) our timely development of new products and services in a
changing environment, including the features, pricing and quality compared to
the products and services of our competitors; (6) the willingness of users
to substitute competitors’ products and services for our products and services;
(7) the impact of changes in financial services policies, laws and
regulations, including laws, regulations and policies concerning taxes, banking,
securities and insurance, and the application thereof by regulatory bodies;
(8) our ability to resolve any legal proceeding on acceptable terms and its
effect on our financial condition or results of operations;
(9) technological changes; (10) changes in consumer spending and
savings habits; (11) the effect of natural disasters, such as hurricanes,
in our geographic markets; (12) regulatory, legal or judicial proceedings;
(13) the continuing instability in the domestic and international capital
markets; (14) the effects of new and proposed laws relating to financial
institutions and credit transactions; and (15) the effects of policy initiatives
that have been and may continue to be introduced by the new
Presidential administration and related regulatory actions.
Superior
Bancorp disclaims any intent or obligation to update forward-looking
statements.
More
information on Superior Bancorp and its subsidiaries may be
obtained
over the
Internet, http://www.superiorbank.com, or by calling 1-877-326-BANK
(2265).